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SPOT GOLD 1975-2009: The chart shown above indicates that there is a confluence of price harmonics @ the 1240-1260 area.
1.50X 1976 low -1980 high $1242
1.618X 1980 high -1999 low $1238
2.00X 1999 low - 2006 high $1208
1.272X 1999 low - 2008 high $1246
1.618X 2008 high - 2008 low $1252
The orange fan lines emanating from the 1976 low and touching various high and low pivots between 1980 and 1990 have indicated support and resistance during the bull market from 1999. There is a 3 point fan-line indicating resistance in the 1225-1250 area.
The gold market is becoming overbought and could find substantial resistance just above the recent price of 1220.